Obama Team's Stimulus 'Jolt' Nears $1T

By Harry Kimball,  Newser Staff
Posted Dec 13, 2008 3:26 PM CST
President-elect Barack Obama.   (AP Photo)
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(Newser) – Barack Obama’s economic advisers are devising a new stimulus package that could top $1 trillion over 2 years, the Wall Street Journal reports. Insiders say the $500 billion plan considered last month is too cautious given America’s mounting economic woes. "Every day there's a new bad number" in the economy, one insider said. "And people's sense of what the appropriate stimulus is rises."

Worse, not all bailout money reaches the economy in time. “How much do you have to spend to give $100 billion of stimulus?" asked one source connected to the deliberations. "One hundred billion is the wrong answer. It's more." Obama's economic advisers plan to discuss the size of the package with him next week.